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Millennium BCP FY'17 net income rises as loan impairments drop

Millennium BCP reported full-year 2017 consolidated net income attributable to shareholders of €186.4 million, up from €23.9 million in the year-ago period.

EPS for the year was 1.4 cents, compared to 1.9 cents in 2016. Return on average equity was 3.3%, compared to 0.6% a year earlier.

Net interest income increased year over year to €1.39 billion from €1.23 billion. Net fees and commission income reached €666.7 million, up from €643.8 million a year earlier.

The net interest margin stood at 2.21% in 2017, compared to 1.92% in 2016. Excluding the impact from the cost of contingent convertible bonds, the net interest margin was 2.22%, compared to 2.03% a year ago.

Loan impairments amounted to €623.7 million in 2017, down from €1.12 billion the prior year. The bank booked goodwill impairment for subsidiaries of €4,000, down from €51.0 million a year ago, and for associated companies of €57.8 million, compared to nil in 2016.

BCP's phased-in common equity Tier 1 ratio was 13.2% at 2017-end, compared to 12.4% at the end of 2016. The fully implemented CET1 ratio was 11.9% at the end of 2017, compared to 9.7% at 2016-end.